Traders are advised to keep a watchful eye on the 55,900-mark on the Nifty FMCG index
According to Ravi Nathani, an independent technical analyst, the Nifty IT index is seen consolidating in the 35,300 - 34,400 trading range.
According to Ravi Nathani, an independent technical analyst, the Nifty PSU Bank index hints of a peak at 5,920, while the Financial Services Index faces stiff resistance at 21,625.
According to Ravi Nathani, an independent technical analyst, a breach of 21,500 could trigger a consolidation phase with a negative bias, with Nifty seeking support at 21,125, 20,700, and 20,350.
Investors may consider booking profits either at the CMP or during any subsequent rise in prices in Nifty Realty, as per Ravi Nathani
Resistance for Nifty Energy index is anticipated around 34,000 and 34,300, signifying potential areas where selling pressure may intensify, as per Ravi Nathani
Nifty IT Index is facing significant resistance around the 35,800 mark. The recent correction in the market has initiated a downtrend in near-term, as per Ravi Nathani
Nifty PSU Bank index has encountered notable resistance around the 5800 levels. The recommended trading strategy thus involves selling on rallies with a prudent stop-loss, says Ravi Nathani
Technical indicators such as RSI, Stochastic, and MACD are signaling an overbought condition on near-term charts for the Nifty50, says Ravi Nathani
According to Ravi Nathani, an independent technical analyst, traders can consider to short the Nifty PSU Bank index with a stop at 5,825.
According to Ravi Nathani, an independent technical analyst, the Nifty may swing in the range of 21,600 - 20,940.
Only a decisive close above 7,616 in Nifty Metal would indicate a potential reversal, opening the door for further upward movement with the next target at 7,740, says Ravi Nathani
The anticipated profit booking in Nifty FMCG is expected to continue until the index reaches support levels at 53,681 and 53,100, says Ravi Nathani
As per Ravi Nathani, prevailing indications suggest a higher likelihood of a downward trigger in Nifty Auto given the negative bias in the technical indicators
The identified consolidation range for Nifty PSU Bank is between 5,864 and 5,581 and a close above or below this range would serve as a trigger, says Ravi Nathani
A prudent trading strategy in the Nifty Realty index would involve booking profits, and adopting a cash position
The advised strategy for the Nifty Metal index is to buy near support levels and sell near resistance
The recommended strategy in Nifty Auto index is to initiate sell positions at the prevailing market price or during upward movements
Traders are advised to exercise caution and secure profits in Nifty PSU Bank index on upward movements
An optimal approach for Nifty Bank involves patiently awaiting dips and pullbacks to key support levels situated at 46,300, 45,825 and 45,410, says Ravi Nathani